HOUSE CONCURRENT RESOLUTION NO. 43
(By Delegates Stemple, Browning, Craig, Spencer,
Stephens, Duke and Canterbury)
Requesting the Joint Committee on Government and Finance study the
risks, benefits and costs of increasing the public employee
retirement benefit annuity factor from two percent to two and
one quarter percent.
Whereas, The federal government attempts to maintain the rate
of inflation, the increased cost-of-living at around three percent
per year, however, retired public employees in this state have
pensions that are not adjusted for inflation; and
Whereas, A state retiree can look forward on the average to a
longer life than his or her parents, however, the retiree is also
facing the possibility of inflation rates from three to twelve
percent per year without relief will become a member of a new class
of citizens living well below the poverty level; and
Whereas, The financial costs associated with public employee
pension plans have increasingly become a burden on the state and
its political subdivisions. A comprehensive study of recent trends
in the private sector, the federal government and other states is
needed to determine an appropriate course of action to ensure that
meaningful pension benefits are provided to public employees in the future, while ensuring that those pension plans are also
financially sustainable by state and local governments; and
Whereas, The annuity factor used to calculate retirement
benefits has remained constant since 1970 and except for
supplemental benefits provided certain retirees, inflation has
eaten away the retirement income of elderly retirees; therefore, be
it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the risks, benefits and costs of increasing the
public employee retirement benefit annuity factor from two percent
to two and one quarter percent; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2008, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be
paid from legislative appropriations to the Joint Committee on
Government and Finance.
Email
Webmaster | © 2024 West Virginia Legislature **
